Stelco has been back in the national business news over the last few months. As a result, Hamilton has received lots of positive news coverage. I must say, it feels good hearing the anchor on Bloomberg TV speaking positively about Stelco headquartered in Hamilton, Ontario!
Stelco has been in operation for over a hundred years, but — like the city of Hamilton — it has faced it’s fair share of setbacks.. As the city of Hamilton has rebounded, so too has Stelco. Just recently, Stelco held its own initial public offering and raised a total of $230 million. This impressive IPO is an extraordinary win both for Stelco and for Hamilton.
The 100 Years of Stelco
Founded in 1910, Stelco began as a merger between the Hamilton Steel and Iron Company, the Canada Screw Company, Montreal Rolling Mills, the Dominion Wire Manufacturing Company, and the Canada Bolt and Nut Company. With a tremendous foundation, it was able to operate successfully for a hundred years — until a bankruptcy in 2007.
In 2007, Stelco was purchased by U.S. Steel for $1.9 billion, and the company was subsequently delisted from the Canadian stock exchange. A few years later, the Hamilton plant was taken out of commission, eliminating many local jobs. This was, naturally, a tremendous blow to Hamilton’s economy.
After years of difficulty, U.S. Steel Canada was able to separate from U.S. Steel — and in 2016, they were purchased by Bedrock Industries which changed the companies name back to Stelco. Stelco is now on its way to rebuilding its operations with a clear balance sheet and big plans ahead.
As Stelco grows, jobs will be added to the local Hamilton economy, and Hamilton will once again be known as a city in which industry can grow and thrive. The new owner of Stelco has even stated that it plans to make Hamilton it’s headquarters for their international steel conglomerate.
Hamilton Is Now Drawing International Attention
Hamilton has been drawing increased national and international attention over the last 5 years. Hamiltonians are now seeing a surge in new residents and businesses as people flock to the city seeking opportunity.
Stelco’s rebound is likely to draw more attention now. This will undoubtedly assist in rebuilding our image to the outside world and draw in new businesses, which will further support Hamilton’s growth and contribute positively to our real estate market.
The story of Stelco is the story of Hamilton itself. Our city is undergoing an incredible comeback, with numerous impressive developments and still more in planning. After the initial collapse of Hamilton’s industrial might, it was a city that was lost and without direction. Now with renewed growth and vigor, it is suddenly experiencing all of the evolution and development that it missed out on over the years. Moving forth, Stelco is going to make waves throughout the international steel industry — and Hamilton is rapidly becoming a major economic center.
